BOGOTA, Jan 17 (Reuters) - Room for further cuts to Colombia's benchmark interest rate looks limited, Finance Minister Mauricio Cardenas said on Wednesday, adding that any such easing would likely come early in the year, before scheduled elections.
Colombia's seven-member central bank board has made borrowing cost reductions of 275 basis points since December 2016, in a bid to boost a beleaguered economy.
Policymakers held the rate at 4.75 percent at the bank's last meeting in December amid continued inflation pressures.
"The margin for an additional reduction in rates is very limited, we think most of the work has already been done," Cardenas told journalists at a briefing.
"If we are to lower rates I would think it would happen earlier in the year, separating us from the electoral calendar," Cardenas added.
The Andean nation will hold legislative elections in March and likely two rounds of presidential voting, the first in May and the second in June. (Reporting by Carlos Vargas and Julia Symmes Cobb, Editing by Rosalba O'Brien)